Since the implementation of the economic citizenship program, a total of 860 individuals have obtained Montenegrin passports, according to information provided by the Government of Montenegro.
The information about the status of the Special Investment Program, which is of particular economic and business importance for Montenegro, mentions that by the end of last year, a total of 1,110 applications for Montenegrin citizenship had been submitted based on this program, as reported by RTCG Portal.
In November 2018, the Government of Montenegro adopted a decision outlining the criteria, methods and procedures for selecting individuals eligible to obtain Montenegrin citizenship through the Special Investment Program. The program was concluded on December 31, 2022, following suggestions from the EU.
“By December 30 of last year, for a total of 15 applications, the Agency, in accordance with the procedure established by the decision, informed the Prime Minister that the prescribed criteria had been met, and the applications are currently under review. The Ministry of the Interior issued decisions on the admission of 860 applicants into Montenegrin citizenship, and they were granted passports. Three applications are currently under review regarding the transfer of funds by an independent auditor,” the information states.
During the same period, 238 applications were rejected due to negative assessments by the agent for international suitability and failure to meet the criteria set by the decision.
The decision defined that no more than 2,000 golden passports could be issued through the program.
Applicants for the golden passport were required to invest in specific projects and deposit funds into special accounts.
According to the Investment Agency’s records, based on reports from an independent auditor, the total amount of funds invested by applicants in tourism development projects from the beginning of the program until December 30 of last year amounted to 247.6 million EUR. The escrow accounts of applicants contain 6.16 million EUR, which are funds deposited by applicants whose applications are still under consideration.
For investments in agriculture and the processing industry, as per the auditor’s reports, an amount of 500,000 EUR was invested by applicants from the start of the program until the end of last year, representing the total amount of funds deposited into escrow accounts.
“The total amount paid in administrative fees, according to data from the Central Treasury Account, amounts to 43.58 million EUR since the program’s inception,” the document states.
The total amount deposited into the Montenegro Innovation Fund, which is held in escrow accounts for the development of Montenegro’s innovation policy, is 30.7 million EUR. Additionally, 1.2 million EUR was deposited into escrow accounts for this purpose, representing funds from applicants whose applications are still under review.
“According to the Innovation Fund’s records, the total amount of funds paid into the Fund since the program’s implementation amounts to 30.8 million EUR,” according to the information published by the Government.
